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New Mortgage Rules in Canada

With Canada’s new mortgage rules coming into effect on January 1, 2018, we want to help make sure you know how these changes may affect you. Our TD Mobile Mortgage Specialists are ready to help you understand and guide you through these upcoming changes.

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At a glance

Videos about the new mortgage rules

What you need to know about the new mortgage rules in Canada

Whether you’re a buying a home or refinancing, here are the basics of what you need to know about the new mortgage rules:

New rules take effect January 1, 2018: Check with your TD Mobile Mortgage Specialist on how this can affect your mortgage loan if you've applied before January 1, 2018.

Home buyers with a down payment of 20% or more will now be subject to stricter qualifying criteria (also known as a "stress test") that would determine whether a homebuyer would be able to afford their principal and interest payments should interest rates increase. This stress test would use either the 5-year benchmark rate published by the Bank of Canada or the customer's mortgage interest rate plus 2% - whichever is the higher.

New rules don’t apply if you’re renewing your TD Mortgage: The new rules only apply to new mortgage loan agreements. They do not apply when renewing your existing mortgage loan with TD.

Understand what type of mortgage best fits your means: We can help make sure you are prepared with the knowledge you need to make your mortgage decision - before and after the new rules take effect. Learn more

Are you ready? Follow our quick infographic quiz to see how the new mortgage rules might affect you. View the infographic.

Top 5 key details about the new mortgage rules

We’ve demystified some of the most important points about the new mortgage rules so you can make an informed decision when it comes to buying your home.

What is the new mortgage stress test?

Don’t let the idea of a test stress you out. The stress test is actually a set of rules to help home buyers be confident that they’re buying the house they can afford now and in the future. Watch the video to learn more about stress test, and how it differs based on the amount of your down payment, and the type of mortgage you’re looking for.

What does this mean if I’m buying a home?

Making sure you can afford your mortgage over the longer term is very important, as is knowing how much home you can afford to still maintain your lifestyle. Watch the video to understand how you can navigate the new mortgage rules, and how working with a TD Mortgage Specialist can help you understand what type of mortgage best fits your needs.

What if I’m already approved for my mortgage?

If you already have your mortgage pre-approval and purchase your home before your pre-approval expires, you won’t be affected by the new rules, regardless of when your home closes. Watch the video to find out how a TD Mobile Mortgage Specialist can help guide you through the process and how you may be affected if have your mortgage pre-approval, but don’t make your purchase before January 1, 2018.

What if my mortgage is up for renewal in 2018?

If you’re renewing your mortgage, you won’t be subjected to the stress test if you choose to stay with your existing bank. Watch the video to learn more about how the new mortgage rules can impact you if you’re planning to change mortgage lenders.

What if I don’t qualify under the new rules?

Buying a home can be stressful and emotional. But it's important to be realistic about what you can afford today. Watch the video to get a better understanding of how a TD Mobile Mortgage Specialist can help you stay informed about what you can afford under the new mortgage rules, and how you can make the best decisions for your needs in the future.

Mortgage Calculators and Tools

Use our simple calculators and tools

From estimating your down payment to comparing which mortgage suits you best, use our calculators and tools to help with every step.